Frequently Asked Questions Regarding Suspicious Activity Reporting Requirements

Summary:

The Financial Crimes Enforcement Network (FinCEN), jointly with the Board of Governors of the Federal Reserve System (Federal Reserve), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (each an “Agency” and collectively the “Agencies”) is issuing answers to frequently asked questions (FAQs) regarding Suspicious Activity Reports (SARs) and other anti-money laundering (AML) considerations for financial institutions covered by SAR rules. 

Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions.

Highlights:

• FinCEN and the agencies jointly issued the attached answers to financial institutions’ commonly asked questions about SARs requirements.
• The answers clarify SAR/AML requirements to assist financial institutions with their compliance obligations and enable them to focus resources on activities that produce the greatest value to law enforcement agencies and other authorized government users of Bank Secrecy Act (BSA) reporting.
• The FAQs address the following topics: SAR filing for potential structuring-related activity, continuing activity reviews, timelines for continuing activity reviews, and documentation for decisions not to file a SAR.
• The FAQs neither alter existing BSA/AML requirements, nor establish new supervisory expectations.